Record Sales 2023 and Prices Surge 2024
Prime zones in Dubai’s property sector reached record-high rates in 2023; with a significant increase in the prices of up to 35.6%. In addition, analysts anticipate that prices will continue to surge in 2024. The transactions carried out in Dubai’s property sector will rise, making the city an attractive region for investment.
However, the growing rate of population has supplemented the demand for mid-market properties to cater to the demands of the rising population.
‘Appropriate Time’ for Property Selling
Dubai’s real estate market contains potential sellers while the expansive property options are accessible to variable investors and end-users. The switch of an influx of job-seekers towards Dubai has ultimately raised the demand for 1-bedroom apartments. At this point, most of the 1-bedroom apartments are held by the property buyers.
The report on Dubai’s property market states that Dubai Creek, Jumeirah Lake Tower, Dubai Marina, Jumeirah Village Circle, Business Bay, and Dubai Hills are some prime zones for 1-bedroom apartment buyers.
Dubai’s Real Estate Market – A Property Hub for Billionaires
The already servicing and upcoming waterfront projects in Dubai have become the most sought-after for billionaire buyers. This has significantly driven up the demand for ultra-luxury mansions and penthouses. Therefore, property developers are blending sophistication and creativity to cater to the buyers’ demands.
Additionally, the integration of state-of-the-art amenities and advanced facilities has increased the investment potential.
Limited New Property Launches
Much of the accessible market supply in Dubai’s real estate sector has already been sold while new launches have been limited, according to recent reports. The analysts anticipate that the market slowdown is due to the softening in off-plan deals whereas, the secondary market accounted for significant registers in the same period.
CBRE stated that the softening has brought in-viewing the sales backdrop in 2024. However, prime segments like District One, and Jumeirah Bay Island recorded most of the sales. Due to the increasing demand, the prices in these communities also grew largely by 35.6% approximately.
CBRE also added to the report that transactions within prime residential units are also recorded at around AED 28.3m. Further, high sales volume has been observed within Jumeirah Bay Island and Emirate Hills with average transactions of AED 34.1m respectively. Contrarily, CBRE monitored that super-prime properties within limited submarkets exhibited average selling prices.
The markets enduring the backdrop are the ones featuring AED 5+m and AED 10+m properties. Palm Jumeirah accounted for the highest number of transactions in 2023, in both prime and super-prime segments of the market.
Around 593 units worth AED 10m and 963 properties worth AED 5m have been sold in Dubai’s real estate market. The report delivered by CBRE marked these zones as the potential source for Dubai’s property market.
